Fire River Gold Corp. Announces Additional Revenue from the Nixon Fork Mine Project
VANCOUVER, Nov. 18, 2011 /PRNewswire/ - Fire River Gold Corp. and Mystery Creek Resources Inc. (TSX.V: FAU), (OTCQX: FVGCF), (FSE: FWR) (collectively "the Company") are pleased to provide this update for the Nixon Fork Mine.
A $1.1 million provisional advance was supplied by Glencore this week for the fourth shipment of gold-rich copper concentrate. A total of $3.9 Million has been advanced to-date while both companies await final settlement on all four shipments.
Revenue from doré has also commenced with the sale of 400 ounces of gold to Johnson Matthey of Salt Lake City for a return of $ 710,000. Approximately 30.9 kg of doré containing 23.5 kg (766 ounces) of gold has been shipped to the refiner so far. Our first doré bars had unexpectedly high levels of both arsenic and bismuth, and required purification. The company is actively working on solutions to remove these impurities from the doré, both on and offsite. However, while revenue has been delayed, this issue is not anticipated to reduce revenue expectations or impose a significant operating cost increase. The remaining inventory of doré will be processed by the refiner and paid for over the next few weeks.
On behalf of the Board of Directors,
President & C.O.O.
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbour.
SOURCE Fire River Gold Corp.